The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The sportswear company agreed to pay $9 million to settle a Securities and Exchange Commission investigation into its accounting practices. The SEC charged Under Armour with disclosure failures, more specifically with misleading investors about its revenue and sales numbers to make them appear higher than they were.
It was alleged that Under Armour did this through the use of “pull forwards,” which saw the revenue from orders that would be shipped in future quarters reflected in a current quarter. The SEC’s charges claim that Under Armour did not fully disclose the practice to investors, and that “using these undisclosed pull forwards, Under Armour was able to meet analysts’ revenue estimates.”
In the settlement, which resolves the charges, Under Armour did not confirm or deny the SEC’s charges against the company, but agreed to cease and desist from engaging in any further violations.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn't help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists.